New Delhi: Tata Group is the most valuable brand in India at an estimated $13.1 billion, according to Brand Finance, a global brand valuation and strategy consultancy firm that released its 2017 report on Wednesday.

Tata topped the list of India’s 100 most valuable brands once again despite its value declining 4% from $13.7 billion in 2016. However, the decline is less than 11% between 2015 and 2016.

There was speculation that the legal spat between Tata Sons and its former chairman Cyrus P. Mistry could have pushed the brand value down. This has also resulted in Tata slipping out of the list of top 100 brands in the world, first time since 2007, according to a previous report by Brand Finance released in February.

Brand Finance, however, has given a different view. According to the report, Tata’s Brand Strength Index score has improved “significantly” as the Group has taken “corrective actions” quickly and shareholders’ value has not been “significantly affected”.

“The brand value drop of 4% is clearly not positive, however it is a lesser decline than between 2015 and 2016, when brand value fell 11%. Tata is present in a number of industries in which operating conditions are very challenging for all participants. In this context the slight decline can be seen as a stabilisation in challenging times. As Tata’s new chairman, Natarajan Chandrasekaran, settles in and attempts to streamline the conglomerate’s activities, we expect Tata to return to brand value growth soon,” Brand Finance chief executive officer David Haigh said in a statement.

Mobile operator Airtel, with an estimated valuation of $7.7 billion, ranked second in the list, followed by insurer Life Insurance Corporation of India (LIC) with $6.8 billion.

The total brand value of India’s top 100 brands increased 15% in 2017, while the global average is 11%. According to Brand Finance, 68 of India’s 100 most valuable brands have grown in value this year.

IT firm Infosys ranked fourth in the list with an estimated value of $6.2 billion, up one rank from 2016. State Bank of India slipped to the fifth rank in 2017, from third in 2016 as its estimated brand value dropped $5.5 billion from $5.7 billion in 2016.

Air carrier Indigo Airlines gained the most. Indigo jumped from No. 95 in 2016 to No. 62 in 2017 in the Brand Finance list, as the airline added 35 new routes and increased frequency on existing routes, the report added.

Micromax, the home-grown handset maker, fell the fastest. Its brand value dropped by 39% and fell to the 95th position in the list of top 100 brands.“Micromax is struggling to compete following the influx of strong Chinese mobile brands such as Oppo and Vivo into the Indian market in the last couple of years,” the Brand Finance report noted.

Kolkata-based cigarette-to-noodles maker ITC has been named the most powerful brand in the country. “It is India’s only AAA rated brand, with a Brand Strength Index score of 86,” said the report.

Mahindra as a brand has managed to place itself among the top 10 (No. 11 in 2016) backed by healthy growth in flagship automotive business and recent initiatives such as crop-care solutions, seed distribution and power solutions through Mahindra Powerol that are poised to accelerate growth, the report added.